TIDMUVEL
RNS Number : 1307D
UniVision Engineering Ltd
19 June 2023
This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulation No 596/2014
which is part of English Law by virtue of the European (Withdrawal)
Act 2018, as amended. On publication of this announcement via a
Regulatory Information Service, this information is considered to
be in the public domain.
For immediate release: 19 June 2023
UniVision Engineering Limited
("UniVision" or the "Company" or the "Group")
Interim Results
For the Six Months Ended 30 September 2022
UniVision (AIM: UVEL), the Hong Kong based Group whose principal
activities are the supply, design, installation and maintenance of
closed-circuit television and surveillance systems, and the sale of
security related products, is pleased to announce its unaudited
interim results for the six months ended 30 September 2022.
For further information visit www.uvel.com or contact:
UniVision Engineering Limited Tel: +852 2389 3256
Stephen Koo, Executive Chairman www.uvel.com
Peter Yip Tak Chan, Chief Executive
Officer
SPARK Advisory Partners Limited Tel: +44 (0)20 3368 3550
(Nominated Adviser)
Mark Brady / Neil Baldwin www.sparkadvisorypartners.com
SI Capital Limited Tel: +44 (0)1483 413500
(Broker) www.sicapital.co.uk
Nick Emerson
CHAIRMAN'S STATEMENT
I am pleased to report the Company's interims results for the
six months ended 30 September 2022.
Turnover for the reporting period decreased by 88% (underlying
rate) to GBP0.65m (2021: GBP4.98m). This decline was mainly due to
the effect of the termination of the Major Contract with MTR
Corporation.
Loss for the period is GBP256k (2021: Profit GBP142K).
THE MAJOR CONTRACT WITH MTRC
As announced on 17 June 2022, the Company received formal notice
of termination of its contract with MTR Corporation Ltd ("MTRC"),
for the replacement works of the CCTV systems for MTRC's railway
lines, for alleged breach of contract. The Company contests this
and continues to negotiate with MTRC to resolve the matter.
This original MTRC contract was awarded to the Company five
years ago, in May 2017, with an expected completion date of
November 2023, but with subsequent contract add-ons this had been
expected run until July 2024.
Over the period to date the Contract has represented a
step-change to the Company's long-established business and
termination of the contract would represent a significant loss of
future revenue and profitability for the Company. However, the
Company would be able to re-deploy resources from this contract to
other projects to mitigate this reduction. The termination of the
MTRC contract was effective from 20 June 2022. Whilst the
termination of the MTRC contract occurred after the year end, the
certification of work completed, invoicing and approval for work
completed prior to the year end, which would normally take some
months to finalise in the normal course of events, is taking longer
given the termination of the contract and the need for both parties
to agree a final position.
Up to the financial period ended 30 September 2022 and the date
of termination of contract , UniVision has invoiced a total amount
of HK$207m . The gross valuation of certified works on the Major
Contract was HK$226.5m as at 31 January 2022.
The Company has worked out and quantified the unbilled work done
and equipment for final account with MTRC including equipment, work
done, testing in progress, system development etc, . As per our
meeting with the MTRC on 21 November 2022, i t requires to be
verified by joint inspection performed by both parties before the
final account is concluded.
The Company has called for meetings with MTRC to (i) collect the
retention amount around HK$19.5m, which was the 10% retention money
kept by MTRC; and (ii) clarify and quantify the unbilled work done
including equipment, work done, testing in progress, system
development and etc, . The final position is to be verified by
joint inspection performed by the Company and MTRC.
WINDING UP PETITIONS AND DISMISSAL
As announced on 4 January 2022, our Company received a petition
that has been brought by one of its sub-contractors, namely,
T&P Solutions Limited ("T&P"), formerly known as T&P
Construction Company Limited, in the High Court in Hong Kong;
alleging outstanding debts owed by the Company of HK$5,955,760
(approximately GBP565,280) in relation to contractual agreements
between the Company and T&P. T&P has presented the petition
("the Petition") for the Company to be wound up pursuant to certain
s ections of the Companies (Winding Up and Miscellaneous
Provisions) Ordinance in Hong Kong. The Company intends to defend
and oppose the Petition. Further, the Company has a cross claim
against T&P, inter alia, for breach of contract and
non-performance and it intends to claim damages for the same. The
first hearing has been conducted on 2 March 2022 that the Company
defended and opposed the Petition. As announced on 11 May 2022, the
Court hearing in respect of the Winding up petition was adjourned
to be heard on 18 October 2022.
The petition was dismissed by the High Court in Hong Kong on 18
October 2022. Costs have been awarded to UniVision on an indemnity
basis.
A s announced on 13 December 2022, our Company received another
petition that has been brought by one of its equipment suppliers
for the contract with MTR Corporation, namely, Synnex Technology
International (HK) Limited ("Synnex"), in the High Court in Hong
Kong. The Petition alleged outstanding debts owed by the Company of
HK$12,945,834 (approximately GBP1.358 million) to Synnex in respect
of equipment supplied to the Company. Synnex has presented the
Petition for the Company to be wound up pursuant to the provisions
of the Companies (Winding Up and Miscellaneous Provisions)
Ordinance (Cap.32) in Hong Kong. The date of the Court hearing was
set for 8 February 2023.
The Company reached a settlement agreement with Synnex. As
announced on 16 February 2023, the petition has been dismissed by
the High Court in Hong Kong on 13 February 2023.
OTHER SETTLEMENTS
The Company has reached a settlement agreement with General
Resources Company (HK) Limited on the repayment of sub-contracting
fee amounting to approximately HK$1,163,000 by instalments in March
2023.
In addition, the Company has received a demand for indemnity of
HK$11,68l,430.27 by Berkshire Hathaway Specialty Insurance Company
("Berkshire Insurance") in terms of a surety bond facility granted
in 2017. The Company is in the final stage of the negotiation with
Berkshire Insurance to settle this amount by stage payment.
KML Engineering Limited, one of the Company's subcontractors,
claims a total amount of HK$4,114,658.81 together with interest and
legal costs in these proceedings. The Company has filed a partial
admission in the amount of HK$2,096,530.70 which has been accepted
by KML Engineering Limited in satisfaction of its whole claim. As a
result, Judgment has been entered on 6 March 2023 against the
Company respecting the amount of HK$2,096,530.70 in 3 monthly
instalments payable on the 1st day of each calendar month starting
from 1 April 2023 with fixed costs at HK$11,045.00.
On 24 April 2023 upon application of E-Star Engineering Company,
one of the Company's subcontractors, the Court has made an Order
for E-Star Engineering Company to enter summary judgment against
the Company as the Defendant in these proceedings regarding the
principal sum of HK$1,503,276.50 with interest (whereas interest
accrued as of 24 April 2023 is in the sum of HK$302,870.04) against
part of the claims with legal costs in respect of such application
to be paid by the Company to E-Star Engineering Company summarily
assessed at HK$90,673. By the same Order, the Company has been
granted unconditional leave to defend against E-Star Engineering
Company residual claim of HK$213,360.00 (the "Residual Claim").
These proceedings are now pending the filing of E-Star Engineering
Company's Amended Statement of Claim as regards the Residual Claim.
Before close of pleadings, it is uncertain as to the probable
outcome in respect of the Residual Claim. Similarly, it may be
improbable to give an estimate of the ultimate liability or amount
to be realised as to the Residual Claim at this stage.
OTHER SETTLEMENTS
Hang Cheong Engineering Limited, one of the Company's
subcontractors, claims a total amount of HK$806,400.00 together
with interest pursuant to ss.49 and 50 of the District Court
Ordinance (Cap.336) and legal costs. The Company has filed an
admission on the full amount of HK$806,400.00 as claimed by Hang
Cheong Engineering Limited. T he sum of HK$806,400.00 together with
interest thereon at the rate of (i) 8% per annum from 28 December
2022 to 31 December 2022 and (ii) 8.169% per annum from 1 January
2023 to the date of the Judgment and thereafter at judgment rate
until payment and fixed costs at HK$7,130.00.
DISPUTE WITH DIMENSION DATA
As previously announced, t he Company received a writ of summons
(Statement of Claim), Hong Kong High Court Action No. 2090 of 2020,
from the solicitors of Dimension Data China Hong Kong Limit ed ("
Dimension Data"), the Plaintiff, on 14 December 2020 alleging
breach of contract, claiming against the Company for liquidated
damages for an amount of HK$10.95m plus pre-judgment and
post-judgment interest and legal costs. The Company, on the other
hand, regards the claim by alleging wrongful breach and thus
repudiation of the said sub-contract by Dimension Data. The Company
believes it has a counterclaim against Dimension Data , inter alia,
for breach of contract and/or negligence and/or misrepresentation
and accordingly to claim for loss and damages for the same and
legal costs.
The Board does not consider that the claim has any foundation
and believes that Dimension Data was in breach of protocol in the
manner which it has brought this claim.
Both parties had engaged a mediator for the statutory mediation
on 17 August 2022. No agreement nor settlement was made in the
mediation. As out-of-court settlement between the parties is not
forthcoming, our solicitors has prepared the factual witness
statements filing to the Court. Both parties have exchanged the
witness statements to each other. These proceedings have entered
the stage of case management towards trial.
MATERIAL UNCERTAINTY RELATED TO GOING CONCERN
The Company reported a loss of GBP256k for the six months ended
30 September 2022. As at 30 September 2022, the Company's equity
attributable to the owners of the Company amounted to a deficit of
GBP2,411,164 and its current liabilities exceeded its current
assets by GBP4,850k. The Company's bank borrowings were
collateralised by its deposits placed for life insurance policies
of GBP2,199k. The Company had total unrestricted cash and bank
balances of GBP271k. These conditions indicate that a material
uncertainty exists that may cast a significant doubt on the
Company's ability to continue as a going concern.
The Company is considering and negotiating a number of financing
measures to improve the Company's liquidity and financial position,
including, but not limited to, the following:
-- In October 2022, the Company obtained a loan facility of
HK$12 million from a third party for short-term financing
purpose;
-- A potential investor has agreed to provide financial support
to the Company to maintain its normal operation. In addition, the
potential investor has provided a standby unconditional facility of
HK$20 million to the Company of which the Company will be able to
drawdown the facility to fulfil its financial needs;
-- The Company has been actively negotiating with the bank on its banking facilities;
-- The winding-up petitions against the Company were dismissed subsequently in year 2023;
-- The Company is taking measures to tighten controls over various costs; and
-- With the financial assistance from the potential investor,
the Company has resumed a part of its business. The Company will
continue to actively enhance its market position by expanding its
customer base with the aim to attain profitable and positive cash
flow operations in the coming financial year.
The B oard of the Company have reviewed the Company's cash flow
projections prepared by management. The Board is of the opinion
that, taking into account the abovementioned plans and measures,
the Company will have sufficient working capital to finance its
operations and to meet its financial obligations as and when they
fall due within the next twelve months. Accordingly, the Board is
satisfied that it is appropriate to prepare the financial
statements on a going concern basis.
FINANCIAL REVIEW
The loss attributable to the equity holders of the Company is
approximately GBP0.26m (H1 2021: profit GBP0.14m). In the six
months period under review, revenue for the Group decreased by 88%
to HK$6.2m (H1 2021: HK$53.5m). The decrease in revenue was mainly
caused by the effect of termination of the Major Contract with MTR
Corporation in June 2022. It led to the construction contract
income sharply decreased of HK$46m to HK$4.5m (H1 2021:
$50.5m).
The revenue from construction contracts is the Company's largest
business segment, represented 72.4% of the total income (H1 2021:
94.3%) Revenue from maintenance contracts represented 23% of the
total income (H1 2021: 5.4%) for the Company. Income from the
maintenance business fell 50% to HK$1.4m (H1 2021: $2.9m) since the
Company received less job orders from the customers. The disputes
with MTRC on the final account of last maintenance contract ended
31 December 2020 and the three months' extended contract ended 31
March 2021 are still pending thought impairment loss of HK$6.8m for
provision for unbilled receivable was made in the last year.
Gross profit margin in the construction business rose from 15.5%
to 19.2%. This was mainly due to numerous installation jobs
completed and recognised project income during the reporting
period.
Administration expenses for the period decreased by 24.7% to
HK$5.7m (H1 2021: HK$7.6m). This was mainly caused by reduction of
staff and other operating expenses due to the termination of the
Major Contract with MTRC. Significant numbers of technical staff
left the Company, The number of staff was reduced to 32 as at 30
September 2022 (H1 2021: 76).
Finance costs decreased to HK$192k (2021: HK$827k) due to the
decreased transactions in trade finance and cancellation of
overdraft facility.
The loss attributable to the equity holders of the Company for
the period is HK$2.45m (2021 profit: HK$1.5m). Loss before interest
and income tax from operations during the period was HK$2.3m (H1
2021: profit HK$2.3m).
The Company had positive cash flows from operations of HK$1.2m
the reporting period (H1 2021: negative HK$18m).
During the period under review, the relative strength of HK$ at
the period-end has led to a 14.8% appreciation in the GBP reporting
amount in the Statement of Financial Position. It is also the
reason for the significant loss of GBP346k (H1 2021: gain GBP181k)
on exchange differences arising on the translation. All figures in
GBP in the Financial Statements have therefore needed to be
adjusted for comparative purposes. The financial data is also
presented in HK$ to provide a comparison with the comparative
figures in 2021 that were unaffected by exchange rate
fluctuations.
BUSINESS REVIEW
Markets
The CCTV surveillance market is growing rapidly with increasing
demand for digital and intelligent video products. The Company
anticipates more business opportunities in government
infrastructure and public security projects. There is also
increasing demand for wireless system such as 5G network for video
surveillance to enhance public safety and security.
The Company now actively participates in other market segments,
such as provision of UPS (Uninterrupted Power Supply) , to
strengthen business growth in the Group.
BUSINESS REVIEW
Business Environment
Even though the Major Contract with MTRC was terminated, other
job contracts and orders are still in progress. With the
competitive advantage of our project experience in CCTV and network
systems, the Company will expect more new projects from MTRC and
other sizeable customers.
The technology of video analytics, such as facial recognition,
is being enhanced rapidly and UniVision has actively participated
in this market. The Company got the experience in the contract for
supply and installation of the video analytic monitoring system at
prisons. The video analytic solution of Smart Prisons is designed
to enhance the effectiveness of movement detection in confined
areas.
Customer base
MTRC remains the Company's largest customer this financial year.
In addition, Electrical and Mechanical Services Department
("EMSD"), Hong Kong Police Force ("HKPC") and Correctional Services
Department ("CSD") of the Hong Kong Government are other sources of
the Company's customer base.
To avoid the concentration of customers, the Company aims to
diversify its customer base particularly to the commercial and
private sector, such as sizeable multinational private
enterprises.
POTENTIAL INVESTORS
The Company remains in negotiations with potential investors who
are looking to make a substantial investment in the Company. The
Board believes that with the support of the se potential investors,
the Company will be able to strengthen its financial and technical
position to allow the business to replace the lost contract and
grow the business in the future. Further announcements in respect
of this will be made as appropriate.
BOARD OF DIRECTORS
The Directors are actively looking to strengthen the Board by
the appointment of two new Independent Directors to replace the two
directors that have stepped down over the last 12 months or so. The
Company has identified a number of suitable candidates and
discussions are ongoing ; no appointment has yet been made, but
further announcements will be made as appropriate.
PROSPECTS
New infrastructure projects in Hong Kong including the new
railway lines and urban development in northern territories. These
projects will include large CCTV system for safety protection. With
the technical expertise and project experience in s urveillance
industry, the Company has the competitive advantage to tender for
these projects.
Finally, on behalf of the Board, I would like to thank our
customers, suppliers, sub-contractors and shareholders for their
continued support of UniVision. I would also like to acknowledge
the hard work of the management and all our staff for their support
in the critical period.
MR. STEPHEN SIN MO KOO
EXECUTIVE CHAIRMAN
19 June 2023
UniVision Engineering Limited
Statement of Profit or Loss and Other Comprehensive Income
(Unaudited)
For the six months ended 30 September 2022
For the six months ended 30
September
2022 2021 2022 2021
HK$'000 HK$'000 '000 '000
Revenue 6,247 53,551 653 4,979
Cost of sales (4,135) (36,956) (432) (3,436)
-------- -------- -------- -------
Gross profit 2,112 16,595 221 1,543
Other income 1,383 251 144 23
Other gains and losses, net 3 (6,825) - (634)
Selling and distribution expenses (3) (19) - (2)
Administrative expenses (5,753) (7,645) (601) (711)
Finance costs (192) (827) (20) (77)
-------- -------- -------- -------
(Loss)/Profit before income tax (2,450) 1,530 (256) 142
Income tax - - - -
-------- -------- -------- -------
(Loss)/Profit for the period (2,450) 1,530 (256) 142
======== ======== ======== =======
Other comprehensive (loss)/income:
Exchange differences arising on translation
of foreign operations - - (346) 181
Total comprehensive (loss)/income
for the period (2,450) 1,530 (602) 323
======== ======== ======== =======
(Loss)/Profit attributable to:
Equity shareholders of the Company (2,450) 1,530 (256) 142
-------- -------- -------- -------
(2,450) 1,530 (256) 142
======== ======== ======== =======
Total comprehensive (loss)/income attributable
Equity shareholders of the Company (2,450) 1,530 (602) 323
(2,450) 1,530 (602) 323
======== ======== ======== =======
(Loss)/Earnings per share - Basic and HK Cents HK Cents Pence Pence
Diluted
Basic (0.6387) 0.3987 (0.0667) 0.0371
Diluted (0.6387) 0.3987 (0.0667) 0.0371
UniVision Engineering Limited
Statement of Financial Position (Unaudited)
As at 30 September 2022
For the six months ended 30
September
2022 2021 2022 2021
HK$'000 HK$'000 '000 '000
ASSETS
Non-current assets
Plant and equipment 1,015 1,169 116 112
Right-of use assets 2,340 3,711 267 355
Deposit paid for life insurance policy 19,276 19,422 2,199 1,857
Amounts due from related companies 142 30,205 16 2,888
Prepayments - 420 - 40
-------- ------- ------- ------
Total non-current assets 22,773 54,927 2,598 5,252
Current assets
Inventories 31,021 33,956 3,539 3,247
Trade and other receivables 4,473 14,225 502 1,360
Contract assets 30,349 107,851 3,463 10,313
Restricted deposits 170 170 19 16
Cash and bank balances 2,375 (4,253) 271 (406)
-------- ------- ------- ------
Total current assets 68,388 151,949 7,794 14,530
-------- ------- ------- ------
Total assets 91,161 206,876 10,392 19,782
-------- ------- ------- ------
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 68,710 65,897 7,839 6,299
Bank loans 21,027 28,556 2,399 2,731
Contract liabilities 20,039 16,738 2,286 1,600
Lease liabilities 1,049 3,564 120 341
-------- ------- ------- ------
Total current liabilities 110,825 114,755 12,644 10,971
Non-current liability
Lease liabilities 1,391 200 159 19
-------- ------- ------- ------
Amount due to a related company - 4,200 - 402
Total non-current liabilities 1,391 4,400 159 421
-------- ------- ------- ------
Total liabilities 112,216 119,155 12,803 11,392
Capital and reserves
Share capital 55,034 55,034 3,890 3,890
Reserves (76,089) 32,687 (6,301) 4,500
-------- ------- ------- ------
Total equity (21,055) 87,721 (2,411) 8,390
-------- ------- ------- ------
Total liabilities and equity 91,161 206,876 10,392 19,782
-------- ------- ------- ------
UniVision Engineering Limited
Statement of Changes in Equity (Unaudited)
in '000
Special Special
capital capital
Share Retained Reserve Reserve Translation Total
capital earnings "A" "B" reserve equity
'000 '000 '000 '000 '000 '000
Balance at 1 Apr 2021 3,890 2,806 156 143 1,165 8,160
Loss for the year - (10,265) - - - (10,265)
Other comprehensive
loss
Exchange difference arising
on translation of financial
statements - - - - (5) (5)
-------- --------- -------- -------- ----------- --------
Total comprehensive
loss - (10,265) - - (5) (10,270)
Dividend paid in respect
of
year 2021 - (94) - - - (94)
Capital contribution
from a shareholder - 395 - - - 395
--------- --------
Total transactions with
owners, recognised directly
in equity - 301 - - - 301
-------- --------- -------- -------- ----------- --------
Balance at 31 Mar 2022 3,890 (7,158) 156 143 1,160 (1,809)
Loss for the six months
ended 30 Sep 2022 - (256) - - - (256)
Other comprehensive
loss
Exchange difference arising
on translation of foreign
operations - - - - (346) (346)
-------- --------- -------- -------- ----------- --------
Total comprehensive
loss - (256) - - (346) (602)
Balance at 30 Sep 2022 3,890 (7,414) 156 143 814 (2,411)
======== ========= ======== ======== =========== ========
UniVision Engineering Limited
Statement of Changes in Equity (Un-audited)
in HK$'000
Special Special
capital capital
Share Retained Reserve Reserve Total
capital earnings "A" "B" equity
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
Balance at 1 April 2021 55,034 27,966 2,181 2,007 87,188
Loss for the year - (108,996) - - (108,996)
-------- --------- -------- -------- ---------
Total comprehensive loss - (108,996) - - (108,996)
Dividend paid in respect of
year 2021 - (997) - - (997)
Capital contribution from a
shareholder - 4,200 - - 4,200
-------- --------- -------- -------- ---------
Total transactions with owners,
recognised directly in equity - 3,203 - - 3,203
Balance at 31 Mar 2022 55,034 (77,827) 2,181 2,007 (18,605)
Loss for the six months ended
30 Sep 2022 - (2,450) - - (2,450)
-------- --------- -------- -------- ---------
Total comprehensive loss - (2,450) - - (2,450)
Balance at 30 Sep 2022 55,034 (80,277) 2,181 2,007 (21,055)
======== ========= ======== ======== =========
UniVision Engineering Limited
Statement of Cash Flows (Un-audited)
For the six months ended 30 September 2022
For the six months ended
30 September
2022 2021 2022 2021
HK$'000 HK$'000 '000 '000
CASH FLOW FROM OPERATING ACTIVITIES
(Loss)/Profit before income tax (2,450) 1,530 (256) 142
Adjustments for:
Interest income (159) (249) (16) (23)
Depreciation of plant and equipment 358 284 37 26
Depreciation of right-of use assets 1,029 719 108 67
Interest expense on bills payable and
factoring 22 464 2 43
Interest expense on bank borrowings 80 297 8 28
Interest on lease liabilities 78 67 8 6
Impairment loss recognised on other
receivables - 6,819 - 634
------- -------- ----- -------
Operating cash flows before working
capital changes (1,042) 9,931 (109) 923
Changes in operating assets and liabilities:
Inventories (6,697) (17,030) (700) (1,583)
Other deposit received - 1,000 - 93
Trade and other receivables 5,383 928 563 86
Contract assets (171) (24,493) (18) (2,277)
Amount due from related companies (142) (1,323) (15) 91
Contract liabilities 3,474 (62) 363 (6)
Trade and other payables 382 (10,442) 40 971
------- -------- ----- -------
Net cash generated from/(used in) operating
activities 1,187 (17,961) 124 (1,702)
------- -------- ----- -------
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 159 249 16 23
Purchase of plant and equipment - (395) - (37)
Deposit placed for a life insurance
policy (91) (10,206) (9) (949)
Net cash generated from/(used in) investing
activities 68 (10,352) 7 (963)
------- -------- ----- -------
CASH FLOWS FROM FINANCING ACTIVITIES
Bank Interest paid (102) (761) (11) (71)
New bank loans raised - 23,912 - 2,224
Repayment of bank loans (1,000) (1,355) (104) (126)
Capital element of lease liabilities
paid (1,023) (707) (107) (66)
Interest element of lease liabilities
paid (78) (67) (8) (6)
Net cash (used in)/generated from financing
activities (2,203) 21,022 (230) 1,955
------- -------- ----- -------
NET DECREASE IN CASH AND CASH EQUIVALENTS (948) (7,291) (99) (710)
EFFECT OF FOREIGN EXCHANGES RATE CHANGES,
NET - - 47 19
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 3,323 3,038 323 284
CASH AND CASH EQUIVALENTS AT END OF PERIOD 2,375 (4,253) 271 (407)
Notes to the Interim financial statements for the six months
ended 30 September 2022
1. Basis of preparation
The unaudited interim financial statements for the six months
ended 30 September 2022 have been prepared in accordance with
International Financial Reporting Standards ("IFRSs") using the
policies consistent with those applied to the annual financial
statements for the year ended 31 March 2022, except for the
adoption of the new and revised IFRSs (which include all IFRSs,
International Accounting Standards ("IASs") and Interpretations)
that are initially adopted for the current period financial
statements. The interim financial statements, together with the
comparative information contained in this report for the six months
ended 30 September 2021, do not constitute the statutory accounts
of the Company.
2. Earnings per share
The calculation of basic loss per ordinary share is based on the
loss attributable to equity holders of the Group for the six months
ended 30 September 2022 of HK$2.45m (H1 2021: profit HK$1.5m), and
the weighted average of 383,677,323 (H1 2021: 383,677,323) ordinary
shares in issue during the period.
There were no potential dilutive instruments at either financial
period end.
3. Interim report
Copies of the interim report will be available for inspection at
the registered office of the Company, Unit 201, 2/F., Sunbeam
Centre, 27 Shing Yip Street, Kwun Tong, Hong Kong and available on
the Company's website ( www.uvel.com ) in accordance with Rule 26
of the AIM Rules for Companies.
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